Block is officially building an ‘open Bitcoin mining system,’ says founder Jack Dorsey

block is officially building an open bitcoin mining system says founder jack dorsey

Block founder Jack Dorsey has announced on Twitter that the company is officially building an open bitcoin mining system. Dorsey first to name last October that the digital payments provider, then known as Square, was considering working on the project even before rebranding. If you recall, Square changed its name to Block to combine its services and to better represent the future of its business in cryptocurrencies and blockchain technologies.

Now, Block general manager for hardware, Templeton Thomas, has unveiled more details about the company 's initial discussions about the project. On Twitter, Thomas said that Block aims to "make mining more widespread and efficient in every way, from purchasing, to installation, to maintenance, to mining." and identify the technical challenges in the process, starting with accessibility, because lazy beds are difficult to find and expensive.Block must find a way to make them more accessible in order to be able to achieve its goal.

The company also wants to build a reliable system that handles the routine issues of conventional laundry with heat and dust emissions. In addition, Block is looking to find the right balance between performance and other factors, such as ensuring the rig is efficient while having low power consumption. Thomas said Block is also considering what partners should be considered for the project and has already started building a core engineering team to work on solutions and answer his questions. all.

Dorsey is a big believer in cryptocurrency and even once said that he thinks bitcoin will replace the dollar one day. Block had invested heavily in digital currency and is reportedly holding 8,027 bitcoins or around US $ 338 million, based on prevailing value.

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